Good time to buy Silver?

Discussion in 'Silver' started by Goldmiester, Jan 6, 2021.

  1. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    If I could figure out a way to get back what I paid all those years before I would do it. I hate to think about what I donated all those years I was young and broke and supporting a young family working my ass off haha.
    I'd go to my lcs and buy every ounce he had and send apmex the rest. I'd be so much better off right now!
    It will never happen but I'd clean house!
     
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  2. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    The tax department only goes after the big earners, lawyers, doctors. As for the billionaires, they don’t pay income tax, only capital gains, most of which can be diverted to other countries with lower taxes where they can buy property, cryptos.
     
    Last edited: Jan 7, 2021
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  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Not true in Aus where population is smaller and easier to chase. Big fish can afford to get away. Little fish can't afford fancy lawyers
     
  4. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    The enforcement here is by sampling and using AI computers. And the personal income tax reporting don’t need a lawyer or accountant. I did mine in 10 minutes. People with rental properties will need more time to calculate the mortgage interest and rental expenses.

    Personally I report everything because once caught, they will check every year and it’s a pain and not worth the risk for the meagre tax I pay.

    Yes forgot to mention we don’t have capital gains or taxes on dividend or interest for individuals so this saves a lot of time in the reporting. Only the annual salary and rental needs to be declared.
     
    Last edited: Jan 7, 2021
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  5. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    My stack is the opposite mix to yours.

    Imo now is still a good time to buy coz both PMs are in a long term positive trend. Buy for the long haul.
     
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  6. Goldmiester

    Goldmiester Member

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    Thank you! I ended up buying 10 ounces of silver.
     
  7. Joe King 79

    Joe King 79 Member

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    I don't mean to be rude but I mean isn't it always a good time to buy silver. Sucks about VAT, I don't think we pay the equivalent (GST) here.
     
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  8. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Isn’t it strange that there’s a sales tax on government minted silver coins with currency denomination in Europe but no sales tax on bitcoin?
     
  9. STKR

    STKR Well-Known Member Silver Stacker

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    IT BEGINS!
     
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  10. Goldmiester

    Goldmiester Member

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    Due to the nature of Bitcoin, I’m guessing any tax levied upon it would be difficult to enforce.
     
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  11. Joe King 79

    Joe King 79 Member

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    Yeah I mean why isn't bitcoin taxed? Everything else is.
    Not that I'm a fan of taxes and would prefer to pay less of these.
    Maybe that's why they want central bank digital currencies (CBDC). Then you can increase velocity, inflation stays the same?
     
  12. Joe King 79

    Joe King 79 Member

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    Yes it would be difficult to enforce, its still banned in a bunch of countries around the world.
    I guess there are taxes but this would be in the form of fees? Not necessarily gov taxes though.
    I remember Max Keiser pushing it years ago touting that there were no fees but I'm sure that's changed since then.
     
  13. Goldmiester

    Goldmiester Member

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    Yes there are fees imposed by exchanges, and of course the Bitcoin fee itself (for sending Bitcoin from one place to another).
     
  14. nicotineandcaffeine

    nicotineandcaffeine Active Member

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    I'm paying more in tax on crypto than all my silver is worth (Australia). I owe $26k in tax on one shitcoin alone (LINK)

    Bitcoin is usually taxed as currency. Depending on where you are some countries like UK are very lucky not to pay either income/CGT or VAT on gold. Silver is usually taxed as a collectible (hint, buy it as a second hand good).
     
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  15. Goldmiester

    Goldmiester Member

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    Wow :eek:
     
  16. nicotineandcaffeine

    nicotineandcaffeine Active Member

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    Just wanted to make it clear that most people in crypto pay exactly the same taxes as if buying and selling Apple or Amazon shares. Most crypto trading exchanges now comply with KYC/AML and report back to revenue departments.

    There are myths propagating usually from anonymous social media posters, medium articles, or bloomberg that crypto is freeloading or it's all a hoax. Exactly the same sorts of posters and articles that are continuously rolled out to discredit gold or any competition to traditional finance or banks.
     
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  17. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    The question is whether bitcoin is a currency. But I suppose that only governments, imf and world bank can issue currencies. This is the problem. Gold isn’t a currency, it is a commodity that is still taxed in many countries.

    Even if bitcoin is taxed like a commodity, bitcoin will still survive, just as silver and gold jewellery has. Real estate transactions are also taxed, usually at least 3-5%.
     
  18. Mill3d

    Mill3d Active Member

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    As I understand it, if you mined it or bought it a long time ago, it predates the time it was deemed taxable, at least in Australia. Otherwise taxed in Oz at your marginal rate or 15% if held less than 12 months

    So if you earned around 57-58k profit on a shitcoin and your marginal rate for it ends up as 45c in the dollar, all other factors put aside, then kiss good bye to 26k

    If you held the shitcoin over 12 months, then you made 173k on that shitcoin originally
     
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  19. Mill3d

    Mill3d Active Member

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    I was reading an interesting article on crypto the other day. It was a question that has come up before and worthy of a refresh.

    The issue is quantum computing.

    Once this gains traction, crypto is a natural and easy target. Most coins will logically vaporise.

    The key issue is what happens to all those accounts where the keys were lost. Note the monster holdings of coin creators including but by no means limited to Satoshi.

    You’d think what happens is that quantum operators hoover up the juicier accounts, filter them through tumblers and depress the price. Given the intensely reactive nature of this market, prices could plunge hard and give a knock on effect on quantum proof wallets when the blockchain is upgraded.

    I’ll link the article if I can find it.

    https://dailyhodl.com/2020/08/23/wi...g-to-quantum-physicist-anastasia-marchenkova/
     
    Last edited: Jan 17, 2021 at 3:40 AM
  20. Mill3d

    Mill3d Active Member

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    In earlier days, crises precipitated through loss of confidence by the likes of BTC-e and Mt Gox saw an 80% drop in the BTC price

    The effect of quantum computing is coming and within the next 5 years if I’ve understood correctly.
     
    Last edited: Jan 17, 2021 at 3:20 AM

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